STATE DEBT OF UKRAINE: STRUCTURE, DYNAMICS AND DIRECTIONS OF ITS MINIMIZATION

Abstract

In the article the dynamics and structure of public debt during the main periods of state development are analyzed. The expediency of allocating a new period – accelerated growth of the state boron is substantiated. Considerable attention is paid to the study of the public debt structure. It is pointed that foreign currency borrowing exceeds. The comparison of the main indicators with the limit values has confirmed the existence of significant debt security risks in Ukraine. The analysis revealed that in 2018-2019, the largest payments for public debt should be occurred. Thus, the government should reduce the ratio of debts in currency and hryvnia in the near future in order to minimize devaluation risks, as well as to enter foreign markets in order to refinance foreign currency debt. The main tasks of debt management were pointed as: increasing the sustainability of public debt; creation of conditions for the share of public foreign currency debt reduction through the development of the market of domestic government bonds denominated in the national currency; increasing of the investor base in government securities. A number of measures aims the developing a public debt management system, including: the public debt structure optimization, the government securities market developing, macroeconomic and budgetary planning, forecasting, estimating and minimizing fiscal risks, were also substantiated.